A feared tanking of sales tax collections because of the pandemic has not materialized thus far.
While some modest drops have occurred, the latest month saw a spike that almost set an all-time high. The numbers reported last week by the Mississippi Department of Revenue gave the city its best July ever for the sales tax diversion with $640,868.36. Reflecting sales activity that occurred in May, that is a gain of a little more than $69,000, or 12.1 percent, from a year ago. The average for the same month over the previous five years was approximately $541,700.
The month’s result was within about $600 of the city’s all-time monthly high, which was set during the month reflecting sales from December 2014.
The statewide trend was positive, as well, with collections rising 5 percent across Mississippi.
With two more sales tax deposits to come in the fiscal year, the city’s cumulative total goes to $5,404,873.15, up approximately $159,700, or 3 percent, from the prior fiscal year.
The 2 percent tourism tax on prepared food and lodging continues to take a hit, however. The tax generated $105,077, for the month, off by 19 percent from a year ago. That is on par with special taxes across the state, which collectively were down by 20 percent from a year ago.
Corinth’s tourism tax result was a bit better than the previous month, which was in the red by 27 percent.
Other sales tax results from the region:
n Booneville – $194,873.26 (+17 percent)
n Burnsville – $15,405.32 (-8 percent)
n Farmington – $5,679.72 (+4 percent)
n Glen – $5,099.53 (+22 percent)
n Iuka – $90,884.41 (-0.4 percent)
n Kossuth – $3,561.94 (-5 percent)
n Rienzi – $3,922.55 (+28 percent)
n Ripley – $141,788.92 (+10 percent)
n Tishomingo – $21,987.21 (+43 percent)
n Tupelo – $1,900,514.65 (+1 percent)
n Walnut – $28,315.58 (+26 percent)